Iowa crop condition holds; Illinois, Indiana falter

Two percent of Iowa's corn has begun to silk. Farmer Ron Gordon examines some of his early-planted corn

The U.S. Department of Agriculture said Monday that Iowa’s corn crop rated 68 percent good to excellent, about the same as last week, but that the Illinois, Indiana and Ohio crops that have been stressed by drought rated much lower.

The plunge in crop ratings comes after the National Weather Service has forecast drought conditions for much of the corn-growing Midwest through September. As a result, the price of corn shot up its 40-cents per bushel limit Mondayon the Chicago Board of Trade to $5.94, a four-month high.

Soybeans gained 39 cents per bushel to $14.18.

Farmers and traders worry that the temperatures in the mid to upper 90s, combined with dry soils, will hamper tasseling, silking and pollination during the next two weeks. Corn generally pollinates best in temperatures in the upper 80s.

Commodity analyst Alan Brugler of Omaha said “”it is ironic that the corn was planted early in order to hopefully miss the peak summer temps, but the high temps have arrived early.”

Arlan Suderman of Farm Futures Magazine said “the lack of moisture supplies in at least 1/2 of the (corn) belt will lead to additional losses of yield potential with the greatest losses likely to come in Indiana, Illinois and Missouri.”

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